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Performance Report:
as of 9/30/13
- Third quarter average return: 7.75%
- Year-to-date annualized return: 7.75%
- Number of loans: 46
- Gross loan portfolio dollars: $11,029,203 (100% in 1st and 0% in 2nd position)
- Average loan-to-value: 46.68%*
- Average loan amount: $239,765
*calculated when loans are initially funded
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Featured Asset:
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Our featured property this quarter is a multi- tenant office building located at 1520 Washington Boulevard, Montebello, California, 90640. It has 7,935 rentable square feet, with 8 office suites – 4 suites on the ground and 4 on the second floor. The property includes a paved parking area. The building sits on a 11,148sqft lot.
Our borrower had some history with us. In the past, they had received a business line of credit, which they subsequently paid off through refinancing. They recently approached us again, asking to establish another line of credit secured by their Montebello property, which was free and clear of any liens. The borrower had good credit and financial profile. Stonecrest had the property appraised at $760k. Based on the building’s value and borrower’s profile, we approved a $380k credit line in first position against the property. This is another solid 50% loan-to-value loan for the portfolio.
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Property Types:
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Past 12 months Annualized Returns:
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